Bill > SB0146

This bill amends the Illinois Income Tax Act to create a property tax relief credit for small businesses operating in Illinois. The credit is available for taxable years between 2025 and 2029 and allows qualified small businesses to claim a tax credit equal to the lesser of 10% of property taxes paid for eligible real property or $1,500. To qualify, a business must be a small enterprise with fewer than 50 employees, located in Illinois, current on all state and federal tax obligations, and the property must be used for business operations (not residential). The credit cannot reduce a taxpayer's liability below zero, but any excess credit can be carried forward and applied to tax liabilities in the next five years. For partnerships and S corporations, the credit can be passed through to partners and shareholders. Eligible real property includes any property in Illinois where the taxpayer has an ownership interest and is responsible for property tax payments, used exclusively for business purposes.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=146&GAID=18&DocTypeID=SB&SessionID=114&GA=104